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Dryer sheet aficionado
Anyone know of a company that will do a reverse mortgage on a house that the owner does not live in?
HELOC's or HEL's are the only alternative I know of.Borrower Requirements
You must:
- Be 62 years of age or older
- Own the property outright or paid-down a considerable amount
- Occupy the property as your principal residence
- Not be delinquent on any federal debt
- Have financial resources to continue to make timely payment of ongoing property charges such as property taxes, insurance and Homeowner Association fees, etc.
- Participate in a consumer information session given by a HUD- approved HECM counselor